Financial and Legal Information

Stamp Duty
Stamp Duty Law Amendment
New rates have been announced for stamp duty when buying a property in Cyprus, taking effect from 1st March 2013. This is not to be confused with title Deeds/Transfer Tax, this is a different levy.
The change is the introduction of a first tier of €5,000 which is tax free. This is one of the few examples of taxes going down instead of up in the past few years.
The new rates for all contracts to be stamped are as follows:
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Immovable Property Tax
The immovable property tax is based upon the value of the property on the 1st of January 1980.This assumes that the property was standing in 1980 but in fact very few properties standing today will have been valued high enough in 1980 to qualify for paying IPT.
If the value of the property at that time exceeds € 170.860,14, then the registered owner of the property must pay immovable property tax according to the followi...

A non European citizen can take permanent residency with the below criteria:
a. Purchase a property for at least Euro 300.000
b. The applicant must pay with official receipts at least Euro 200.000 before the application is made
c. The applicant must have a guaranteed yearly income of at least Euro 30.000, and for each dependent an additional Euro 5.000 per year.
d. The applicant must deposit with any Bank in Cyprus the amount of Euro 30.000, and this amoun...

The procedure in brief
According to Cyprus Law the purchasers need a written contract of sale, which will be stamped and lodged at the Land Registry Office for Specific Performance purposes. This gives the purchasers the security of a legal charge over the property, which will remain up until the time of transfer of the title deeds to them. The purchasers must lodge the contract of sale at the Land Registry Office within two months from the date of signing. Otherwi...